Market News

Midday cash livestock markets

Direct cash cattle trade is off to its typically quiet start as buyers and sellers are busy taking inventory.  Bids and asking prices have yet to surface.  Significant trade volume is expected to hold out until midweek or later.  The bulk of last week’s trade took place on Thursday with Northern dressed deals ranging from $226 to $234, mostly $228, $1 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals ranged from $142 to $145, mostly $143, also $1 higher than the previous week’s weighted averages. 

Boxed beef is mixed at midday on light to moderate demand for fairly light offerings.  Choice is $.07 lower at $248.56 and Select is $3.90 higher at $223.21.  The Choice/Select spread is $25.35. 

In Missouri this past week, compared to the previous week steers and heifers traded unevenly, from steady to $5 lower.  However, more attractive, weaned calves and yearlings were steady to $3 higher.  The USDA says overall demand was moderate, but some parts of the state saw better demand and prices with higher quality offerings.  Receipts were down on the week and the year.  Feeder supply included 47% steers and 48% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $163 to $215.50 and feeder steers 701 to 748 pounds brought $155 to $194.75.  Medium and Large 1 feeder heifers 500 to 545 pounds brought $150 to $196 and feeder heifers 650 to 699 pounds brought $150 to $184. 

Cash hogs are higher at midday with solid negotiated purchases.  After several days last week of lower and sharply lower prices, it’s a more positive tone to the markets. Processors are starting the week a bit more aggressive in their procurement efforts and are bidding up.  The industry continues to monitor the availability of market-ready hogs and all eyes are on this week’s Quarterly Hogs and Pigs report from the USDA. Barrows and gilts at the National Daily Direct are $4.24 higher with a base range of $82 to $100 and a weighted average of $90.45; the Iowa/Minnesota and the Western Corn Belt are $1.12 higher with a weighted average of $97.79; the Eastern Corn Belt has no comparison but a weighted average of $92.03. 

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sow prices were steady with light to moderate demand for light to moderate offerings at $58 to $70.  Barrows and gilts were $1 lower with moderate demand for moderate offerings at $60 to $69.  Boars ranged from $39 to $41 and $9 to $19. 

Pork values are firm at midday – up $.64 at $101.57.  Bellies, ribs, picnics, and loins were all higher.  Butts and hams were lower.